The Biden Economy: Jobs Keep Going Up, Prices Starting to Come Down

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WASHINGTON, D.C. – Today’s latest economic data underscores the historic economic recovery under the Biden-Harris Administration, as unemployment claims fell once again to the lowest level since 1969, and the prices of everything from oil to wheat have started falling.

“President Biden’s economic agenda continues to deliver, as jobless claims fell again to their lowest point in more than 50 years, and prices have begun coming down. The historic economic recovery has boosted the American worker and consumer, and President Biden is working to ensure this progress continues,” said Building Back Together Executive Director Danielle Melfi. “That’s why passing his Build Back Better Act is a top priority — it will create more good-paying jobs, lower the cost of living, and ensure the wealthiest Americans pay their fair share so we can create a long-term economic recovery that puts working and middle class families first.”

President Biden continues to deliver a historic economic recovery that has created millions of jobs and put more money in Americans’ pockets:

  • The unemployment rate has fallen faster under President Biden than in any other year in the past five decades to 4.2% — two years faster than projected by the CBO.
  • Nearly 6 million jobs have been created since President Biden took office. 
  • Americans, on average, have around $100 more in their pockets each month than they did last year, even after accounting for inflation. 

As the President has taken aggressive action to bring down costs, including a port action plan, the largest release from the U.S. Strategic Petroleum Reserve ever, and steps to combat price gouging, prices are beginning to come down for the American consumer: 

  • Politico: Another eye-popping inflation reading is ahead. Next year could look very different.
    • “Prices of everything from oil and natural gas to wheat and corn have already started falling from their peaks earlier this year. That trend is likely to continue in 2022, lowering gas prices and stabilizing food costs for consumers, a potential boon for President Joe Biden’s party as it seeks to maintain control of Congress.”
  • Prices at the pump have already started falling, with gas prices expected to fall to $2.88 per gallon in 2022:
    • ABC: “Two weeks after President Biden announced he was tapping into the nation’s oil reserve, fuel prices now coming down […] Prices expected to continue to drop.”
    • CNN: “Finally some relief: Gasoline and natural gas prices are falling”